PayPal sees 514% increase on Cyber Monday

Discount shopping on Black Friday had plenty of special offers and customers really battled each other for the best of bargains.

PayPal made the most of it and saw a 516% growth in mobile payments from Black Friday 2010. It was expected that consumers returning to work on Cyber Monday would continue to hunt for more deals for their Christmas shopping. And this is precisely what happened.

PayPal claimed that it had a six-fold increase in mobile payments by 11 am, a growth of 514% compared to Cyber Monday 2010. This contributed to its huge growth.

There was a blog by Claudia Lombana, shopping specialist at PayPal that said, “Based on the volume of mobile purchases made throughout the weekend, it seems that as we predicted throughout 2011, mobile shopping has hit its stride this Holiday season.”

As reported, mobile traffic doubled on Black Friday and mobile sales went up three times compared to the same time in 2010.